Adani Green raises $1.35 bn to fund 1

Adani Green raises $1.35 bn to fund 1.7 GW hybrid renewable projects

The company has a global renewable portfolio with over 14,815 MW of operating, under-construction and awarded projects. (Representative image)The company has a global renewable portfolio with over 14,815 MW of operating, under-construction and awarded projects. (Representative image)Adani Green Energy has raised $1.35 billion in foreign loans from 12 international banks to finance 1.69 GW under-construction hybrid (wind+solar) renewable projects in Rajasthan.

The 12 international banks which have committed for the revolving credit facility are Standard Chartered Bank, Intesa Sanpaolo, MUFG Bank, Sumitomo Mitsui Banking Corporation, Cooperative Rabobank, DBS Bank, Mizuho Bank, BNP Paribas, Barclays, Deutsche Bank, Siemens Bank, and ING Bank.

The facility that is claimed to be India’s first hybrid project loan will help the company move closer to its vision of 25 GW capacity by 2025. The company has a global renewable portfolio with over 14,815 MW of operating, under-construction and awarded projects.

Adani Green was awarded India’s largest solar generation-cum-manufacturing bid of 8,000 MW in June 2020, and has another 4,000 MW under construction. The company also entered into a 50:50 joint venture agreement with French energy major Total SA for operation and setting up of renewable energy projects across India.

Vneet Jaain, CEO of Adani Green Energy, said the banks that have committed to the transaction will ensure seamless access to global capital for the company’s renewable asset portfolio. “The facility will also ensure capital recycling needs of the banks and make the same capital available for future projects of AGEL.”

The 25 GW renewable energy capacity by 2025 would require around $15 billion in funding and creating evacuation facilities.

Credit: Financial Express

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